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Good Loans and Bad Loans - Money management in today's economyBY: Jyoti | Category: Business and Finance | Post Date: 2008-09-07
Everybody has a lot of money these days, money to spend, money to flaunt, money to buy whatever one wants, but not necessarily the money to save. If this increased spending power was to be attributed to increased incomes, it would bode well for the economy. However a lot of these growing aspirations and swanky lifestyles can be attributed to a rapid credit off take. Welcome to the world of new age banks that hanker after gullible people who take loans for just about anything. Apparently an innocuous call on the mobile wherein a sweet voice convinces you to take a loan can lead to a dangerous debt trap. Trap because of hidden charges, high interest charges and the amount of monthly installment being higher than what one can easily shell out. It is not uncommon these days to see young lads and dames carry swanky mobiles zooming around on chic bikes and cars, eating out in the best of hotels and visiting the disc every now and then. Dad would have taken a personal loan, auto loan and handed over an add-on card to the off spring to enable him go to the college with pride. Ironically, the father would not have had sufficient money to pay the fee, so he would have taken an education loan also. The old age adage ‘cut your coat according to your cloth' has been put on the back burner. It is a sheer mad race to show off. The individual who has taken the loan is not to be blamed entirely. It takes two to tango. Yes! Sometimes, the lender also finds itself in a pitiable condition. Extending the high interest loan to someone is one thing. Taking it back is quite another. And when you have lent someone to get married, go on a vacation, buy a luxury car (where one cannot even afford a two wheeler) the going is gonna be tough for both parties. Having said all this, I must confess that I am not against loans or banks or individuals who take loans. I too have taken a few loans. However, a lot of due diligence must be exercised by the lender and the borrower before entering into the agreement. They cannot throw caution to the wind and assume that everything will be hunky dory. Article Source: http://www.saching.com About Author / Additional Info: Additional Articles: * Credentialing * High blood pressure. Hypertension, the silent killer. * 6 Steps To Reach Your Network Marketing Goals * Role of small-scale industries in the development of India. * Important things to check before buying a baby swing Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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